1 / 13

Chapter 16

Chapter 16. Being a Leader and Building a Great Team. What is the difference between and entrepreneur and a leader?. Leadership: The process of influencing and inspiring others to want to achieve something Effective Leaders: Motivate - Set an Example Empower - Respect Others

ilya
Download Presentation

Chapter 16

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapter 16 Being a Leader and Building a Great Team

  2. What is the difference between and entrepreneur and a leader? • Leadership: • The process of influencing and inspiring others to want to achieve something • Effective Leaders: • Motivate - Set an Example • Empower - Respect Others • Enable - Communicate • Know how and when to change

  3. Building the New Venture Team • Skills Needed in Start-Up • Marketing • Financial/accounting • Managerial (day-to-day tasks) • Customer service • Product development • Stakeholder management

  4. Assessing Your Need for Other Team Members • First, assess yourself and your business • What areas do your strengths lie within? • What tasks will your business need in the first month, in an average week? • What tasks will your business need in the sixth month, in an average week? • How many hours do you feel those tasks will take to accomplish? • Other team members will have to be brought on to achieve tasks.

  5. Ways to Bring on Other Team Members • Profit/ownership-sharing agreements • Hiring as employees • Contracting out pieces for hire

  6. Putting a Team Together at Emotiv • Part I: Tan Le and Nam Do • Le - Young Australian of the Year, came from refugee background, lawyer at 22 • Do – Business and IT student interested in high-tech entrepreneurship • Both had just sold their first company for millions • Part II: Allan Snyder • Marconi prize-winning scientist interested in emotional signal processing • Part III: • Neil Weste • Australian chip designer who sold his company to Cisco for several billion dollars

  7. Filling Operational Positions • Finding great employees is hard! • Unemployment greatly affects ease of finding great employees • Low unemployment: hard to find great talent • High unemployment: easier to find great talent • The retiring of baby boomers is causing a vacuum of skilled workers • Employees are skeptical of entrepreneurial ventures, and with good reason! • Making a bad hire can cost 2.5 times an employee’s salary in lost customers, waste, and new recruiting to replace them.

  8. Filling Operational Positions • Go from the inside out • Current employees • Current employees’ friends and family • Guerilla hiring programs that really stand out • Contests, Internet campaigns • Relationships with high schools and colleges

  9. Before You Hire… • Know what you want the person to do • Job analysis, job description • Figure out what kind of person would best fill that job • Job specification • Personality profile • Figure out how you can create a simulation to know how well a candidate would fit the job.

  10. Company Culture • Behavior, values, attitudes, style • Setting standards can help create culture. • Behaving the way you want employees to behave sets culture. • Culture dictates how things will be done in your absence.

  11. Making the Job Great for Employees • Make jobs flexible • Flex hours, job sharing, telecommuting • Establish a reward system • Fair wages, then pay-for-performance on top • Non-monetary rewards • Stock options

  12. Keeping Your Business Going • Succession Plan • Know who will take your place • Groom them • Make a kit so that others can take over immediately • Strategic plan • Up-to-date financials • Mistakes and lessons learned • List of suppliers and relationships and how they work • How you run the business from day to day • Estate plan

  13. Getting Out! • Always, always, always have an exit plan. • Imagine yourself in the worst position you can think about, and ensure that you are covered. • Options: • Selling for cash plus a note • Leveraged buyouts by management and employees • Employee stock ownership plans

More Related